On Wednesday, the share price of Com7 Public Company Limited (SET: COM7) settled the morning session at THB 21.30, a THB 0.50 or 2.40% increase with a total trading value of THB 124.61 million.
Finansia Syrus Securities released a report on COM7, projecting preliminary net profit for 4Q25 at approximately THB 1.16 billion, up 14.8% year-on-year and continuing to outpace the industry.
The key drivers are improving retail sales following the easing of iPhone supply shortages, along with robust performances from the UFund and EV7 businesses, both of which are expected to surpass the company’s 2025 targets, especially during the fourth quarter.
The brokerage has also adjusted its assumption for the number of common shares in 2025–2027, reducing the estimated amount from 2,400 million to 2,388 million shares, to reflect the cancellation of treasury shares. Currently, COM7 retains 30 million treasury shares, with the buyback program ending on August 19, 2024. Nonetheless, the target price remains unchanged at THB 31 per share.
Sales momentum for iPhone 17 in 4Q25 remains positive, reflected by Apple’s upward revision in quarterly sales guidance and an increase in Thailand’s iPhone market share during October–November 2025 from 31.4% to 32.2%.
Overall, retail sales for IT and smartphone stores have maintained a strong growth trajectory and significantly outperformed non-IT appliance retail in 2025. However, IDC forecasts that global smartphone shipments in 2026 may decrease by 0.9% year-on-year due to cost pressures pushing up average selling prices (ASP), as well as potential changes to the iPhone product line-up.
